Monero Price Analysis: V-shaped Recovery In XMR Coin – Walks Toward The $320 Mark
The overall trend for the Monero coin is still sideways. The recent correction in its price caused a 40% decline in price by dropping it to $180 support. Currently, the price shows an impressive recovery, which could climb back to $320 after knocking out the in-between $250 obstacle.
Monero Key technical figures
Previously, when we covered an article on Monero, the coin followed a descending parallel channel pattern, leading its retracement phase. On December 23rd, the price gave a decisive breakout from the resistance trendline, providing an entry opportunity for long traders.
Furthermore, the pattern breakout also fueled the price to surpass the horizontal level of $220 and continue to sail upward.
Though the sideways price action has caused the longer EMAs(100 and 200) to flatten, the recent recovery has crossed above these EMA levels, indicating a bullish trend. Moreover, the dynamic resistance of 20 EMA is flipped to potential support.
A striking growth in the Relative strength index(70) projects the rising strength of the market bulls.
XMR Coin Challenges The $250 Resistance Level
This lower time frame chart shows a rounding bottom structure, which has brought the XMR coin to the $248 mark. From the lower support of $180, the coin has surged 40% and now faces another crucial resistance of $250. Once the price provides proper breakout and sustainability above this resistance, the coin has a better possibility of reaching the $300 or $320 mark.
In case the price is rejected from the overhead resistance, the price would show a bearish reverse and fall back to the lower levels. However, the crypto traders can still maintain a bullish sentiment until the price holds above $1.74.
The Moving average convergence divergence indicator states a bullish momentum for this coin as both the MACD and signal line approach the higher levels.Source